Occidental Petroleum Corporation OXY reported third-quarter 2015 adjusted earnings of 3 cents per share, plunging 97.8% year over year, primarily due to lower crude oil and natural liquids (NGL) realized prices. However, earnings in the quarter were ahead of the Zacks Consensus Estimate that had pegged the bottom line at a loss of 2 cents per share.
Occidental Petroleum Corporation - Earnings Surprise | FindTheBest
On a GAAP basis, the company reported a loss of $3.42 per share in the third quarter against earnings $1.55 per share a year ago.
Total Revenues
Occidental Petroleum's total revenue was $3,246 million, lagging the Zacks Consensus Estimate of $3,441 million by 5.7%. Revenues dropped 34.1% from $4,930 million a year ago due to lower Oil and Gas (42.7% year over year), Chemical (18.1%) and Midstream, Marketing and Other (11.5%) revenues.
Quarterly Highlights
Occidental Petroleum’s average daily net oil, liquids and gas production volume increased 15.8% year over year to 689,000 barrels of oil equivalents (BOE). The upside was primarily due to higher contribution from the Permian Resources operations, partially offset by lower oil and natural gas production in the Midcontinent and Other regions.
The company’s daily sales volume was 670,000 BOE, up 13.6% from 590,000 BOE a year ago.
Realized Price
Realized price for worldwide crude oil decreased 49.3% year over year to $47.78 per barrel.
Worldwide realized NGL prices declined 61.6% to $14.68 per barrel from $38.20 per barrel a year ago.
Domestic natural gas prices went down 40.1% year over year to $2.24 per thousand cubic feet (MCF).
Financial Position
As of Sep 30, 2015, Occidental Petroleum had cash and cash equivalents of $2,547 million compared with $2,897 million as of Sep 30, 2014.
As of Sep 30, 2015, Occidental Petroleum had long-term debt (net of current portion) of $6,882 million compared with $6,837 million as of Sep 30, 2014.
In third-quarter 2015, the company’s cash from operations was $1,026 million, down 50.5% from $2,074 million in the prior-year period.
Occidental Petroleum’s total capital expenditure was $1,219 million in the quarter, compared with $2,003 million in the year-ago period.
Upcoming Peer Releases
ConocoPhillips COP is expected to report third-quarter results on Oct 29, 2015. The Zacks Consensus Estimate is at a loss of 38 cents.
Marathon Oil Corporation MRO is scheduled to report third-quarter results on Nov 4, 2015 after market closes. The Zacks Consensus Estimate is at a loss of 44 cents.
TransAtlantic Petroleum Ltd. TAT plans to report third-quarter results on Nov 5, 2015. The Zacks Consensus Estimate stands at 5 cents.
Zacks Rank
Occidental Petroleum currently has a Zacks Rank #3 (Hold).
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